Cleveland-Based Firm Continues Record of Successfully Transforming
Its Portfolio Companies

CLEVELAND–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/manufacturing?src=hash” target=”_blank”gt;#manufacturinglt;/agt;–Resilience
Capital Partners, a private equity firm that invests in
middle-market companies, announced it has completed the sale of its
portfolio company Thermal
Solutions Manufacturing to Altus Capital Partners, Inc., an
investment firm focused on the North American manufacturing sector.

Nashville, Tennessee-headquartered Thermal Solutions Manufacturing is a
leading manufacturer and distributor of heavy-duty and light-truck heat
exchange and temperature control products including radiators,
condensers, air coolers and evaporators. Resilience Capital Partners
acquired the company, formerly the Heavy Duty Division of Vista Pro
Automotive, in 2012 through The Resilience Fund III.

“At Thermal Solutions Manufacturing, we executed a long-term strategy
for the business to become a dominant player in the after-market for
heat exchange and related products,” said Bassem A. Mansour, co-chief
executive officer of Resilience Capital Partners. “We enhanced it from a
heavy-duty manufacturer of radiators into a company that develops and
distributes a broad range of solutions in the heat exchange world.”

The process of transformation included the add-on acquisition in 2012 of
R&D Enterprises as well as the consolidation of numerous facilities.
Including the former R&D Enterprises facilities, Thermal Solutions
Manufacturing now has five manufacturing centers and 25 distribution
branches located throughout North America.

“We not only took our core capabilities and expanded into ancillary and
related products for a similar customer base, but we also went through a
rigorous process of both consolidating and expanding
manufacturing and distribution facilities to reduce costs while
improving customer service,” said Ken Robinson, president and chief
executive officer of Thermal Solutions Manufacturing. “We now can
deliver a solution to a customer anywhere in the US within 24 to 48
hours, and that is critical when delays because of failed parts can shut
down operations.”

Thermal Solutions Manufacturing is now at a natural point to transition
ownership, said Mansour. “Our job is to take a company, reposition it,
improve its operations and get it to an attractive level of
profitability. We have done that, and the next phase for Thermal
Solutions Manufacturing is to build for long-term, continued growth. We
are confident that, under its new ownership, Thermal Solutions
Manufacturing will continue to deliver on the promise we saw when we
acquired it seven years ago.”

Terms of the transaction were not disclosed.

About Thermal Solutions Manufacturing

Thermal Solutions Manufacturing manufactures and distributes heavy-duty
and light-truck heat exchange and temperature control products for the
aftermarket and OEM off-road, on-highway and industrial end markets. The
company has five manufacturing facilities and 25 distribution branches
located throughout North America supplying radiators, condensers, air
coolers and evaporators to multiple customer segments, including
installers, commercial distributors, specialty retailers, OEMS and
jobbers. For more information, please visit www.thermalsolutionsmfg.com.

About Resilience Capital Partners

Headquartered in Cleveland, Ohio, Resilience invests in niche-oriented
manufacturing, value added distribution and business service companies
with sustainable market positions and a clear path to cash flow
improvement. Resilience targets platform businesses with $25 million to
$250 million in revenues across a broad range of industries where it can
improve a company’s operations, competitive positioning and
profitability. Resilience manages in excess of $685 million for its
global investor base which includes pension funds, insurance companies,
foundations and endowments, fund of funds and family offices. For more
information, please visit www.resiliencecapital.com.

Contacts

Loretta Healy
The Hubbell Group, Inc.
(781) 878-8882
Cell:
(781) 718-1117
[email protected]